The cryptocurrency anti-corruption week in the United States was initiated to prevent corrupt activities related to cryptocurrency during the tenure of former President Donald Trump.
This initiative focuses on blocking bills closely linked to special interests, protecting investors and warning about the negative impact of Stablecoin and CBDC regulations proposed by Republicans.
MAIN CONTENT
Democratic politicians accuse cryptocurrency bills of promoting corruption related to the Trump family.
The bill proposes several amendments aimed at preventing special interests from profiting from cryptocurrency and protecting investors.
Warning about the negative impact of CBDC anti-bills led by Republicans.
What is the cryptocurrency anti-corruption week in the United States?
The "Cryptocurrency Anti-Corruption Week" bill proposed by Ms. Maxine Waters and Mr. Stephen Lynch aims to call on Democrats to unite against three cryptocurrency regulation bills expected to be discussed in the third week of July 2024. These laws are seen as tools to protect cryptocurrency activities beneficial to the Trump family and billionaire groups in government, while harming investors.
Ms. Maxine Waters emphasized: "These bills turn Congress into an accomplice in Trump's unprecedented cryptocurrency fraud scheme, enriching him while deceiving investors."
"These bills will turn Congress into an accomplice in Trump's unprecedented cryptocurrency fraud scheme – a scheme that has personally enriched him while deceiving many investors."
Maxine Waters, Chair of the House Financial Services Committee, July 14, 2024
What are the highlights of the cryptocurrency anti-corruption week?
According to Democratic lawmakers, cryptocurrency activities related to the Trump family have profited over $1.2 billion for him and his allies, which they are determined to prevent by introducing dozens of amendments to block Stablecoin bills and the cryptocurrency market structure.
These amendments aim to mitigate the harm of the CLARITY bill and prevent Trump from profiting from those cryptocurrency bills, ensuring optimal consumer protection.
The impact of Stablecoin and anti-CBDC bills
The Democratic committee believes that the Republican-led anti-CBDC bill will have serious consequences for the personal finances of American citizens, undermining rights and financial stability. At the same time, they strongly oppose the passage of laws that facilitate special interests manipulating the cryptocurrency market.
Republican colleagues are behaving arrogantly as they continue to implement policies that serve the cryptocurrency industry, despite the exploitable loopholes and the risk of negatively impacting investors.
Stephen Lynch, Member of the House Financial Services Committee, July 15, 2024
Why is this bill important for cryptocurrency investors?
The bill is seen as a legal tool to prevent the exploitation of cryptocurrency for personal gain, protecting investors from risks arising from deceitful and corrupt practices. Transparency in regulation and oversight is a decisive factor that helps the cryptocurrency market develop sustainably and healthily.
What is the political response in the United States to this issue?
Through multiple statements, Democratic leaders have openly opposed corruption in the cryptocurrency sector perpetrated by Trump and his allies. This bill is the next step to affirm their determination to remind the public of the true value of the corruption issue in cryptocurrency.
Comparison table of policies of the two parties on cryptocurrency
Democratic Republican Criteria Attitude towards Stablecoin Strongly opposed, proposing amendments to block the bill Support light regulation, oppose anti-CBDC bill CLARITY Act Believes it harms investors, amendments block special interests Supports to create a flexible legal framework for the market Approach to cryptocurrency regulation Emphasizes transparency and consumer protection Advocates reducing barriers, prioritizing industry development
Frequently Asked Questions
What is the purpose of the cryptocurrency anti-corruption week? This is a Democratic initiative aimed at preventing special interests and protecting investors from corruption related to cryptocurrency. Who is sponsoring this bill? Ms. Maxine Waters and Mr. Stephen Lynch, two Democratic Representatives on the House Financial Services Committee of the United States. Why does the bill oppose Stablecoin and CBDC legislation? Because these bills risk facilitating corruption, undermining consumer rights, and causing financial instability. How does the bill affect the cryptocurrency market? The bill aims to increase transparency, reduce risks, protect investors, and prevent exploitation for personal gain. What is the Republican response to the bill? Republicans primarily support existing legislation and oppose initiatives to develop a freer cryptocurrency industry.
Source: https://tintucbitcoin.com/usdt-va-dan-bieu-my-chong-tham-nhung/
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